Trium Capital, a multi-portfolio manager alternative asset management firm, has launched the Trium Multi-Strategy UCITS Fund, bringing a portfolio of liquid alternative strategies to its expanding European investor clientbase. Â
Trium says the multi-portfolio manager vehicle will take a dynamic approach to capital allocation, initially across ten diverse alternative strategies, including capital structure arbitrage, equity long/short, systematic equity, event driven and global macro.
The fund will be actively managed by liquid alternatives specialist Clark Fenton, along with the wider multi-strategy team. Fenton joined Trium in 2022 as head of multi-strategy solutions and has over 30 years of experience in CIO and CEO roles.
The structure of the fund enables portfolio managers to run capacity-constrained, alpha-generating strategies that would be uneconomical on a standalone basis, while delivering daily liquidity in a UCITS structure. The fund aims to be highly uncorrelated to major asset classes, while the strategies within the fund are also uncorrelated to each other. It targets annual returns of cash plus 3-5% over a market cycle, with expected annual volatility between 5-7%.
A further advantage of the fund is its fee structure – the fund’s founders’ share class, available for the first $300m of assets under management, has a 50bps management fee with a 15% performance fee, structured as a single layer of fees. Unlike most other strategies in the space, incentive fees are paid on total net fund performance rather than individual managers’ returns, meaning that no performance fee will be charged if the fund does not generate a positive return.
